Furniture retailer Furnishka has raised INR 27 Cr ($3.25 Mn) in its Pre-Series A funding round, led by IndiaQuotient.
Notable͏͏ Investors͏͏ Join͏͏ the͏͏ Funding͏͏ Round:
The͏͏ round͏͏ saw͏͏ participation͏͏ from͏͏ Sparrow͏͏ Capital͏͏ and͏͏ angel͏͏ investors͏͏ such͏͏ as͏͏ Udaan͏͏ cofounder͏͏ Sujeet͏͏ Kumar͏͏ and͏͏ Livspace͏͏ cofounder͏͏ Ramakant͏͏ Sharma.
The͏͏ company͏͏ will͏͏ allocate͏͏ the͏͏ new͏͏ capital͏͏ towards͏͏ improving͏͏ product͏͏ design͏͏ and͏͏ development,͏͏ enhancing͏͏ manufacturing͏͏ and͏͏ supply͏͏ chain͏͏ operations,͏͏ and͏͏ expanding͏͏ to͏͏ additional͏͏ locations.
So͏͏ far,͏͏ the͏͏ Bengaluru-based͏͏ startup͏͏ has͏͏ raised͏͏ a͏͏ total͏͏ of͏͏ INR͏͏ 45͏͏ Cr͏͏ ($5.42͏͏ Mn)͏͏ in͏͏ funding.
Furnishka’s͏͏ Market͏͏ Approach:
Founded͏͏ last͏͏ year͏͏ by͏͏ Spinny͏͏ cofounder͏͏ Ganesh͏͏ Pawar,͏͏ Furnishka͏͏ aims͏͏ to͏͏ address͏͏ challenges͏͏ in͏͏ India’s͏͏ home͏͏ furnishing͏͏ market.͏͏ The͏͏ company͏͏ operates͏͏ both͏͏ online͏͏ and͏͏ offline͏͏ stores͏͏ in͏͏ Bengaluru,͏͏ featuring͏͏ over͏͏ 1,000͏͏ SKUs͏͏ and͏͏ customizable͏͏ designs.
Anand͏͏ Lunia,͏͏ partner͏͏ at͏͏ IndiaQuotient,͏͏ remarked,͏͏ “Furnishka’s͏͏ strong͏͏ logistics͏͏ capabilities͏͏ and͏͏ customer-focused͏͏ approach͏͏ provide͏͏ an͏͏ excellent͏͏ foundation͏͏ for͏͏ building͏͏ a͏͏ large-scale,͏͏ omnichannel͏͏ furniture͏͏ retail͏͏ chain.͏͏ Their͏͏ supply͏͏ chain͏͏ management͏͏ strategy͏͏ and͏͏ commitment͏͏ to͏͏ offering͏͏ affordable,͏͏ high-quality͏͏ furniture͏͏ uniquely͏͏ position͏͏ them͏͏ to͏͏ capture͏͏ this͏͏ market.”
Continue͏͏ Exploring:͏͏ Furniture rental͏͏ startup͏͏ RentoMojo͏͏ set͏͏ to͏͏ file͏͏ for͏͏ IPO͏͏ in͏͏ the͏͏ next͏͏ 18͏͏ months
Indian͏͏ Furniture͏͏ Market͏͏ Poised͏͏ for͏͏ Growth:
This͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ the͏͏ Indian͏͏ furniture͏͏ market͏͏ is͏͏ experiencing͏͏ significant͏͏ growth.͏͏ Mordor͏͏ Intelligence͏͏ estimates͏͏ that͏͏ the͏͏ market͏͏ will͏͏ reach͏͏ a͏͏ size͏͏ of͏͏ $29.86͏͏ billion͏͏ by͏͏ 2029.
In͏͏ the͏͏ broader͏͏ furniture͏͏ retail͏͏ sector,͏͏ several͏͏ companies͏͏ have͏͏ announced͏͏ expansion͏͏ plans.͏͏ Godrej͏͏ Interio͏͏ intends͏͏ to͏͏ open͏͏ 104͏͏ new͏͏ stores͏͏ in͏͏ fiscal͏͏ year͏͏ 2025,͏͏ targeting͏͏ a͏͏ 20%͏͏ growth.͏͏ At͏͏ the͏͏ same͏͏ time,͏͏ IKEA͏͏ is͏͏ working͏͏ to͏͏ electrify͏͏ all͏͏ deliveries͏͏ in͏͏ India͏͏ by͏͏ 2025.
Online͏͏ furniture͏͏ brands͏͏ Pepperfry͏͏ and͏͏ Urban͏͏ Ladder͏͏ are͏͏ also͏͏ broadening͏͏ their͏͏ reach.͏͏ Pepperfry͏͏ aims͏͏ for͏͏ double-digit͏͏ growth͏͏ in͏͏ 2024-25͏͏ by͏͏ expanding͏͏ its͏͏ product͏͏ portfolio͏͏ and͏͏ entering͏͏ Tier͏͏ I͏͏ and͏͏ II͏͏ cities.͏͏ Meanwhile,͏͏ Urban͏͏ Ladder͏͏ plans͏͏ to͏͏ double͏͏ its͏͏ retail͏͏ presence͏͏ from͏͏ 32͏͏ cities͏͏ in͏͏ 2024.
